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- U.S. industrial production grows much more than forecast in December
U.S. industrial production grows much more than forecast in December
The Federal
Reserve reported on Friday the U.S. industrial production rose 1.6 percent
m-o-m in December, following a revised 0.5 percent m-o-m increase in November
(originally a 0.4 percent m-o-m gain).
Economists had
forecast industrial production would increase 0.5 percent m-o-m in December.
According to
the report, utilities output surged 6.2 percent m-o-m in December, as demand for
heating rebounded after unseasonably warm weather in November. Meanwhile, mining
production climbed 1.6 percent m-o-m and manufacturing output grew 0.9 percent
m-o-m.
Capacity
utilization for the industrial sector increased 1.1 percentage points m-o-m to
74.5 percent in December. That was 0.9 percentage point above economists’
forecast but 5.3 percentage points below its long-run (1972-2019) average.
In y-o-y terms,
the industrial output dropped 3.6 percent in December, following a revised 5.4
percent plunge in the prior month (originally a 5.5 percent decline).
For the fourth
quarter as a whole, total industrial production increased at an annual rate of
8.4 percent.
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